Englewood Cliffs, New Jersey Commercial Law Blog

PPP Loan Forgiveness


With the Country facing an unprecedented health and economic crisis, and as we are sure many are aware of at this point, Congress has passed the CARES Act which not only provided direct payments to most American Citizens, but also allows many small business, such as those run by many of our long-time and valued clients, to apply for loans under the Payroll Protection Program. Colloquially deemed “PPP”, this program earmarks billions for small to medium-sized businesses to ensure that they are able to keep as many employees on the payroll as possible for as long as possible while local and state governments do their part by forcing many businesses to close. While these funds are intended to be grants from the government, Congress has set certain restrictions on how the funds may be used. If these regulations are not reviewed carefully, the business owner is at risk of being required to repay the funds which, in some instances, could be hundreds of thousands of dollars.

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Debt Restructuring

What Is Debt Restructuring?

Debt restructuring is a process used by companies or individuals to avoid the risk of default on existing debt or to take advantage of lower available interest rates.

  • The debt restructuring process can be carried out by reducing the interest rates on loans or by extending the dates when a company’s liabilities are due.
  • A debt restructure might include a debt-for-equity swap, when creditors agree to cancel a portion or all of the outstanding debt in exchange for equity in the company.

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Employees must be “WARN”-ed

Given the current pandemic, and Executive Orders from the Governors of New Jersey and New York, we understand that many of our clients, just as we have as a business organization, have had to make some tough and disheartening decisions regarding their employees. While we continue to stay abreast of the developments in pharmaceuticals, and safety measures by our leaders, and remain hopeful that we will soon be past this pandemic, it is important that your employees know what they can expect moving forward, not only for continued company morale, but as may be required by Federal Law. If your organization employs at least one-hundred people not counting part-time employees, or has at least one-hundred employees, part-time or otherwise, who, in the aggregate, work at least 4,000 hours per week (i.e. 40 hours per work per person), then you may need to provide employees with a written notice of a temporary, or permanent, work-site closure or mass layoff. This article will explain, while not intending to offer legal advice which may be specific to your circumstance, under what situations WARN applies and what WARN requires.

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Sekas Law Group, LLC | COVID-19 Update

We are taking a moment to pause and wish everyone the very best during these difficult times. We would like to assure everyone that we have undertaken proper protocol at our offices in order to continue to provide the level of service our clients are accustomed to, recognizing the Governors respective orders in NJ & NY, (as well as Federal Courts governed by Federal Law), requiring mandatory closure of our professional offices under Emergency Decrees issued his past weekend. To continue to operate at an optimal level, we have taken the following steps to protect our staff and also our clients. However, we URGE EVERYONE TO FOLLOW THE CDC PROTOCOL:

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